AUD/CAD - The Bears are in control eyeing more decline

The AUDCAD currency pair on the 4 Hours Chart has been in a downtrend since 13 September 2019 when it registered the high price of 0.91450. Subsequently, the price displayed a series of lower tops and lower bottoms. On 19 September 2019, the AUDCAD currency pair recorded the low price of 0.89908. When applying Oscillator Analysis to the price chart, one can see that price is trading below the SMA 60 period Moving Average line, a fact which confirms the AUDCAD currency pair's downward direction. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values below the fifty line which indicates negative sentiment. All three technical indicators are in agreement with regards to the downward bias of the financial instrument. Three price targets may be calculated upon applying the Fibonacci tool to the price chart. The first price target is estimated at 0.90219 (161.8%). The second price target is seen at 0.89713 (261.8%). The third price target is projected at 0.88895 (423.6%). The first target was reached successfully. The AUDCAD currency pair is currently trading below the downtrend line. The presence of the Bullish Engulfing pattern hints at a potential rally to the upside. Its current price is 1.2% below the last week's close after a sharp decline in price during a period of heavy selling. Of course, supply and demand as well as the crowd sentiment will determine the course of AUDCAD currency pair. Though the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bearish.